By Albert Amateau
Volume 73, Number 24 | October 15 – 21, 2003
N.Y.U.’s Engle is Nobel winner for economics
Robert Engle, who holds the Michael Armellino Professorship in Management of Financial Services at New York University’s Stern School of Business, was awarded the 2003 Nobel Prize in economics last week for his work in developing statistical applications for forecasting economic growth, interest rates and stock prices.
Engle, 60, an N.Y.U. professor since 2000, shares the $1.3 million prize with Clive W.J. Granger, his former colleague at the University of California at San Diego where they developed the concept of autoregressive conditional heteroskedasticity (ARCH, for short), which has become important in the field known as economic time series.
“It’s an honor for me and the field of econometrics and time series,” said the new Nobel laureate who is currently on sabbatical in Annecy, France. “There are many students over the years who have contributed to this research.”
Engle has published more than 100 academic papers and three books. A native of Syracuse, N.Y., he was assistant professor at Massachusetts Institute of Technology from 1969 to 1974 and moved to the San Diego campus of the University of California in 1975, where he served for a time as head of the department of economics and taught for 25 years before coming to N.Y.U.
“To have one of our many outstanding faculty recognized with a Nobel is a wonderful ratification of what it is we do at a research university,” said N.Y.U. President John Sexton after the prize was announced.
The economics prize is awarded by the Royal Swedish Academy of Sciences, which also awards Nobels for physics, chemistry, physiology or medicine and literature.
The Swedish Academy will bestow the Nobel Prize for economics on Engle and Granger in Stockholm on Dec. 10.
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